I was visiting with a small business owner who owns multiple businesses and is a multi-millionaire some time ago. We were talking about the best businesses for a newbie to start, and he made a comment that made me stop and think.
“Just Mow Yards.”
Successful Businesses Are Everywhere
It clicked for me then. Look up and down the street and you'll see a hundred businesses you can start today. Restaurants, lawn services, automotive repair, all of those can be started and scaled to the point that you are only monitoring the operation.
There are successful business owners all around you, most doing things that a teenager could handle. In fact, if a teenager can handle the job, that’s better because you can quickly scale and get out of doing the work yourself.
Niche Businesses are More Profitable
Certainly, some businesses have a better chance of success, which is why I put together a report of my favorite niche businesses that you can start in your own neighborhood. You can create recurring revenue, which is the lifeblood of any company with these, and they aren't extremely competitive.
Flipping Burgers to a $161 Billion Dollar Company
McDonald's is a multi-billion-dollar corporation, and it started with a guy flipping burgers. I typed in “McDonald’s value” into Google just now, and it brought up the dollar menu.
As a business owner, that’s not what I meant. That’s what McDonald’s sells which is what the average consumer is looking for. I wanted to know what the value of the company is.
I typed in “McDonald’s stock value.”
Yes, that's what I wanted.
At the time I wrote this, it’s worth 161.14 BILLION Dollars.
$161.14 Billion for flipping burgers, not bad.
Ray Croc, the founder of McDonald’s Systems Inc., wasn’t flipping burgers himself expecting to create a $161 billion-dollar company though. He did things differently, which is why he was able to scale up, but hopefully, you get my point.
Simple businesses are good, and they scale.
Niche Businesses Are More Profitable
The more specialized you can get the better the margins and the better the chances of success. While flipping burgers worked for McDonald's, you don't want to be competing with them at their own game.
The list below contains niche businesses I've found to have the best chance at success. With weak competition in most local markets, high demand, high margins, low risks, and low costs, your odds of success are solid with this list.